CEO is first woman, first black to lead a unit of Walmart Inc.

Walmart Stores Inc., the world’s biggest retailer, said Friday that it has named Rosalind Brewer as CEO of Sam’s Club — the first woman and the first African-American to hold a CEO position at one of the company’s business units.

Brewer, 49, is replacing Brian Cornell, 52, who is leaving the company so he can return to the Northeast for family reasons. He had served in the role since 2009.

Brewer, who will also be president of Sam’s Club, was previously president of the retailer’s U.S. East business unit. She will report to CEO Mike Duke. The moves are effective Feb. 1.

Farmers in two states brace as laws discourage migrants

It’s unclear whether farmers in Georgia and Alabama will face a shortage of workers due to tough new laws targeting illegal immigration, but some producers said they have begun changing their plans for planting and harvesting this year’s crops.

Some farmers said they might reduce the number of acres they plant or shift to less labor-intensive crops, while others are bracing for higher labor prices and have turned to new recruiting tools to attract workers.

“We’re expecting some shifts, but it’s a bit too early to tell,” said Charles Hall, executive director of the Georgia Fruit and Vegetable Growers Association.

Georgia and Alabama have approved laws that have tough enforcement provisions that farmers say are scaring migrant workers away from the states.

Since the laws were approved last year, farmers in both states have reported labor shortages because migrant workers aren’t showing up and they say they can’t find other workers to fill the jobs. Farmers and state officials have said that some produce was left to rot in the field last year because there weren’t enough workers to help with the harvest.

New rules aim to protect people transferring money

Customers who send international money transfers will soon be entitled to clearer cost disclosures.

The Consumer Financial Protection Bureau on Friday issued new rules governing remittances, which are often used by immigrants to send money to family back home.

The rules also require companies to disclose any fees, the exchange rate and the amount that will ultimately be paid out to the recipient in local currency. Companies will also be required to investigate disputes and to give customers at least 30 minutes to cancel a transaction.

The rules take effect after one year.

The CFPB, which was created as part of the nation’s overhaul of financial regulations, was required by law to issue the rules on remittances by Jan. 21. International money transfers previously had not been subject to federal consumer regulations.

Frustrations with the industry include complaints about hidden costs, missing funds or funds that never arrive at all, according to Ruth Susswein, a spokeswoman for Consumer Action, an advocacy group. She said customers can also face difficulty getting companies to resolve such problems.

The CFPB noted that consumers transfer tens of billions of dollars from the U.S. to foreign countries each year.

First bank failures of 2012 hit institutions in three states

Regulators have closed small banks in Georgia, Florida and Pennsylvania, the first failures of 2012 following 92 closures last year.

The Federal Deposit Insurance Corp. on Friday seized First State Bank, based in Stockbridge, Ga., with $536.9 million in assets and $527.5 million in deposits; Central Florida State Bank of Belleview, Fla., with $79.1 million in assets and $77.7 million in deposits; and American Eagle Savings Bank of Boothwyn, Pa., with $19.6 million in assets and $17.7 million in deposits.

The failure of First State Bank is expected to cost the deposit insurance fund $216.2 million; that of Central Florida State Bank is expected to cost $24.4 million, and American Eagle Savings Bank is to cost the fund $3.2 million.

— From news service reports